{
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\begin{longtable}{l*{7}{c}}
\caption{Real Nondurable Goods Spending vs. Year-Ahead Expectations, Baseline Sample (Columns 1-6), Mortgagor Sample (Column 7), GEE estimation}\\
\toprule\endfirsthead\midrule\endhead\midrule\endfoot\endlastfoot
                                             &\multicolumn{1}{c}{(1)}         &\multicolumn{1}{c}{(2)}         &\multicolumn{1}{c}{(3)}         &\multicolumn{1}{c}{(4)}         &\multicolumn{1}{c}{(5)}         &\multicolumn{1}{c}{(6)}         &\multicolumn{1}{c}{(7)}         \\
\midrule
Inflation Expectation                        &       0.002         &       0.002         &       0.003         &       0.003         &     --0.001         &       0.003         &       0.027         \\
                                             &     (0.006)         &     (0.006)         &     (0.006)         &     (0.007)         &     (0.007)         &     (0.012)         &     (0.021)         \\
Inflation Uncertainty                        &     --0.004         &     --0.002         &     --0.000         &     --0.003         &       0.016         &       0.012         &       0.021         \\
                                             &     (0.007)         &     (0.008)         &     (0.007)         &     (0.008)         &     (0.010)         &     (0.011)         &     (0.013)         \\
Household Income (Log)                       &                     &       0.419\sym{***}&       0.409\sym{***}&       0.116         &       0.118         &       0.124         &       0.012         \\
                                             &                     &     (0.056)         &     (0.056)         &     (0.089)         &     (0.089)         &     (0.090)         &     (0.137)         \\
Expects Unemployment Increase                                  &                     &                     &     --0.124\sym{***}&     --0.125\sym{***}&     --0.123\sym{***}&     --0.123\sym{***}&     --0.128\sym{**} \\
                                             &                     &                     &     (0.034)         &     (0.033)         &     (0.034)         &     (0.034)         &     (0.064)         \\
Expects Unemployment Decrease                                  &                     &                     &     --0.023         &     --0.027         &     --0.028         &     --0.028         &       0.001         \\
                                             &                     &                     &     (0.027)         &     (0.027)         &     (0.027)         &     (0.027)         &     (0.047)         \\
Mean Inflation Expectation                   &                     &                     &                     &     --0.012         &     --0.011         &     --0.020         &     --0.075\sym{**} \\
                                             &                     &                     &                     &     (0.022)         &     (0.022)         &     (0.021)         &     (0.031)         \\
Mean Log Household Income                    &                     &                     &                     &       0.409\sym{***}&       0.404\sym{***}&       0.419\sym{***}&       0.472\sym{***}\\
                                             &                     &                     &                     &     (0.108)         &     (0.108)         &     (0.113)         &     (0.153)         \\
Mean Expects Unemployment Increase           &                     &                     &                     &       0.201         &       0.206         &       0.233         &     --0.311         \\
                                             &                     &                     &                     &     (0.170)         &     (0.168)         &     (0.163)         &     (0.226)         \\
Mean Expects Unemployment Decrease           &                     &                     &                     &     --0.039         &     --0.045         &     --0.047         &       0.039         \\
                                             &                     &                     &                     &     (0.190)         &     (0.185)         &     (0.184)         &     (0.158)         \\
No College                                 &                     &                     &                     &                     &       0.011         &       0.020         &     --0.112         \\
                                             &                     &                     &                     &                     &     (0.090)         &     (0.090)         &     (0.114)         \\
No College $\times$ Inflation Expectation  &                     &                     &                     &                     &       0.006         &     --0.000         &     --0.010         \\
                                             &                     &                     &                     &                     &     (0.009)         &     (0.009)         &     (0.021)         \\
No College $\times$ Inflation Uncertainty  &                     &                     &                     &                     &     --0.030\sym{**} &     --0.026\sym{**} &       0.005         \\
                                             &                     &                     &                     &                     &     (0.012)         &     (0.011)         &     (0.020)         \\
Mean Log Household Income $\times$ Inflation Expectation&                     &                     &                     &                     &                     &     --0.021\sym{**} &       0.017         \\
                                             &                     &                     &                     &                     &                     &     (0.008)         &     (0.015)         \\
Mean Log Mortgage Balance                    &                     &                     &                     &                     &                     &                     &     --0.043         \\
                                             &                     &                     &                     &                     &                     &                     &     (0.054)         \\
Mean Log Mortgage Balance $\times$ Inflation Expectation&                     &                     &                     &                     &                     &                     &       0.025\sym{**} \\
                                             &                     &                     &                     &                     &                     &                     &     (0.011)         \\
Mortgage Balance (Log)                       &                     &                     &                     &                     &                     &                     &       0.050         \\
                                             &                     &                     &                     &                     &                     &                     &     (0.049)         \\
\midrule
Correlated Random Effects                    &          No         &          No         &          No         &         Yes         &         Yes         &         Yes         &         Yes         \\
Chi$^2$                                      &      168.47         &      317.43         &      417.65         &      773.60         &      930.76         &     1224.80         &     1468.69         \\
P Value                                      &        0.00         &        0.00         &        0.00         &        0.00         &        0.00         &        0.00         &        0.00         \\
Sample Size                                  &        2010         &        2010         &        2010         &        2010         &        2010         &        2010         &         579         \\
\bottomrule \caption*{\normalsize \doublespacing Standard errors in parentheses. \\ \textit{Note:} Each column includes time fixed effects.  All means refer to within-subject means. Model (1) includes the inflation expectation and inflation uncertainty. Model (2) adds household income (log), monthly payments (log), the ``expects interest rate increase'' indicator, the ``expects interest rate decrease indicator'', the real wage expectation, wage uncertainty, the house price expectation, the no mortgage indicator, respondent's age, and the indicators for non-white, female, retired, and homeowner. Model (3) adds the ``expects unemployment increase'' indicator and the ``expects unemployment decrease'' indicator. Model (4) adds the within-subject means of the inflation expectation, inflation uncertainty, household income (log), monthly payments (log), expects interest rate increase, expects interest rate decrease, the real wage expectation, wage uncertainty, the house price expectation, expects unemployment increase, expects unemployment decrease, the no mortgage indicator, and the homeowner indicator. Model (5) adds the no college indicator and the indicator’s interactions with the inflation expectation and inflation uncertainty. Model (6) adds interactions between the inflation expectation and each of within-subject mean household income (log), mean monthly payments (log), and the mean no mortgage indicator. Model (7) is restricted to the mortgagor sample. This model includes the mortgage balance (log), the within-subject mean of the mortgage balance (log), and the interaction between the inflation expectation and within-subject mean mortgage balance. The full set of coefficients is presented in Appendix H. Robust standard errors are clustered at the level of the individual respondent. \sym{*} \(p<0.10\), \sym{**} \(p<0.05\), \sym{***} \(p<0.01\)}
\end{longtable}
}
